Search form

Search form

Rep. Barney Frank, D-Mass., has rejected speculation that his recently announced resignation might undermine the Dodd-Frank Act. "Once [Dodd-Frank] is fully implemented -- I think it will be in another year - it is much harder for people to get rid of because I think it will be popular," Frank said. "The easiest chance you get to strangle something is in the early stages." SIFMA's Kenneth Bentsen said he expects revisions to the Dodd-Frank Act but says the lawmaker's influence will be "lasting." "He’s been very engaged in the implementation process," Bentsen said. “I think he takes pride in ownership with this bill."

Related Summaries

Lawmakers, regulators and other authorities have been working over the past few years on the provisions mandated by the Dodd-Frank Act, while SIFMA has filed hundreds of comment letters pertaining to the measures. "The Dodd-Frank Act and other attendant regulatory initiatives are driving the most significant legal and regulatory overhaul of the industry and markets since the 1930s," said Kenneth E. Bentsen Jr., acting president and CEO of SIFMA. "It's hard to overstate the amount of change taking place." Read Bentsen's remarks.

The Securities and Exchange Commission has promised to finalize by 2013's first quarter a definition of who qualifies as a municipal adviser. However, Kenneth Bentsen Jr., SIFMA's executive vice president of public policy and advocacy, suggested that the regulator might need more time. "These things have a way of slipping," Bentsen said. The SEC is redefining the term after the Dodd-Frank Act called for tougher regulation.

Nearly four years after the U.S. financial system almost collapsed, regulators have a long list of additional powers, but most aren't being put to work. Data from Davis Polk & Wardwell, a law firm that specializes in regulation, show that 33% of rules mandated by the Dodd-Frank Act have taken effect. "I think it's a mistake for people to underestimate the magnitude of what Dodd-Frank is bringing in terms of a regulatory architecture over many parts of the financial industry," said Ken Bentsen, executive vice president for public policy and advocacy at SIFMA. "We're exercising our statutory and constitutional right for comment on rules, which is entirely appropriate."

U.S. Rep. Barney Frank, D-Mass., rejected speculation that his retirement will undermine the Dodd-Frank Act. "Once [Dodd-Frank] is fully implemented -- I think it will be in another year -- it is much harder for people to get rid of, because I think it will be popular," Frank said. "The easiest chance you get to strangle something is in the early stages."

Executives of major exchanges worldwide said they are closely watching implementation of the Dodd-Frank Act to see what the law means to them. "Our friends in America have this awful habit of extending their laws beyond their shores, and Dodd-Frank is no exception," said Ronald Arculli, chairman of the World Federation of Exchanges as well as Hong Kong Exchanges and Clearing.